Gartner has warned businesses that misuse of their big data and analytics programs could be putting both them and their customers at risk.
The research firm claims the increasing rise of big data projects has also led to an increase in damaging failures. The firm has also predicted that 50 percent of business ethics violations will occur through improper use of big data analytics by 2018.
“Although big data and advanced analytics projects risk many of the same pitfalls as traditional projects, in most cases, these risks are accentuated due to the volume and variety of data, or the sophistication of advanced analytics capabilities,” said Alexander Linden, research director at Gartner.
“Most pitfalls will not result in an obvious technical or analytic failure. Rather they will result in a failure to deliver business value.”
In order to ensure businesses don’t fall into this trap, Gartner is recommending a number of best practices that will help them get the most out of big data, including clearer mapping out of the benefits of the technology, prioritising incremental advances over wholesale business transformation, and better utilising big data in all possible areas.
The rise of big data has been forecast to bring a wide range of improvements to the business world, as companies get a much richer insight to the mountain of information generated every day.
A recent survey by CA Technologies found that nine in 10 organisations are experiencing or expect to see, more effective targeted marketing and selling campaigns thanks to using big data, and 88 percent anticipated increased revenue.
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Excellent article, Michael. It is a real eye-opener. A lot of companies use big data just because so much data is available, there is no clarity of purpose. Thanks, Niraj (Founder at hiverhq.com)